24-25 May 2022

1. Presentation to
Investors
New York & Boston
24-25 May 2022

2. 2
Accelerating Vision 2030 execution
Keppel made strong progress in executing Vision 2030, despite volatile
market conditions and operational challenges imposed by COVID-19.
Driving business
transformation &
earnings growth
Good progress
in asset
monetisation
Making
sustainability
our business
Driving
integration &
harnessing
synergies

3. 3
Driving business transformation organically & inorganically
Simplifying and focusing Keppel’s business
• Signed definitive agreementsi for proposed
combination of Keppel O&M and Sembcorp Marine
and sale of Keppel O&M’s legacy rigs and
associated receivables to Asset Co
• Signed agreement to divest Keppel Logisticsii
Driving innovation and transformation in
business units
• Pivoting to asset-light business model; tapping
third-party funds for growth
• Seizing new opportunities across renewables, clean
energy, decarbonisation, sustainable urban renewal
and connectivity
i Transactions subject to, among other conditions, relevant regulatory and shareholder approvals
ii Includes Keppel Logistics’ businesses in Singapore, Malaysia and Australia, as well as UrbanFox
Keppel is exploring greener solutions such as energy-efficient
floating data centre parks, as well as climate-resilient nearshore
urban developments, or “floating cities” (in picture).

4. 4
Strong earnings growth: sharp reversal from loss in FY20
FY21 net profit crossed S$1b for first time since 2015.
• All segments performed better yoy for FY21, contributing to ROE of 9.1%.
Sharp reversal from
net loss of S$506m
for FY20
Net profit
Improved from
outflow of S$72m
in FY20
Free cash inflow
Improved from
0.91x as at
end-Dec 2020
Net gearing
• Includes final dividend of 21.0 cts/share, up
from 7.0 cts/share in 2020
• Dividend yield of 6.4% based on last traded
price in 2021
FY21 total dividend of 33.0 cts/share
• 29 million shares amounting to S$176m
purchased from Jan-Apr 2022
• Share purchase mandate raised from 2% to
5% to support and accelerate share buyback
S$500m Share Buyback Programme

5. Growing recurring income in line with
Vision 2030
Higher recurring income underpinned by stronger contributions
from asset management and REITs & Trust.
S$220m
S$292m
2020 2021
5
REITs & Trust
S$142m
Infrastructure services
S$99m
Asset
management
S$81m
Connectivity
S$35m
Others
S$8m
S$292
millioni
Recurring income in FY21
Recurring income grew 33% yoy in FY21
i Includes losses from Rental & Charter and Hospitality in FY21

6. 6
Strong progress in asset monetisation
via Keppel-
managed
REITs & Trust
36.5%
via third
parties
63.5%
Over
S$3.2b
Announced monetisation
from Oct 2020 to end-Mar 2022
• Asset monetisation will be a consistent feature of Keppel’s business model going forward
• Capital unlocked will be used to fuel growth plans and reward shareholders
S$2.8b in cash collected from
Oct 2020 to end-Mar 2022
i Announced in Sep 2020, based on the Group’s balance sheet as at 30 Jun 2020
Monetisable Assets
S$17.5bi
assets across the Group that can
potentially be monetised
Near-term Target
S$5.0b
On track to exceed higher end of
S$3-S$5b monetisation target by
end-2023

7. 7
Simplifying business and realising value from proposed combination
of Keppel O&M & Sembcorp Marine and resolution of legacy rigs
Current structure Post-transaction structure
KCL
shareholders
100%
100%
KCL
shareholders
100% 46%1
 KOM (excluding KOM’s legacy rigs & associated receivables and certain Out-of-Scope assets e.g. Floatel and Dyna-Mac) will combine with SCM
 KCL will receive 56% stake in Combined Entity and S$0.5b in cash. KCL will distribute in-specie 46% stake in Combined Entity to KCL’s shareholders
(“DIS”)
 KOM’s legacy rigs and associated receivables will be sold to a new and separate entity (“Asset Co”), which will be 90%-owned by external investors
Asset Co
(Includes KOM’s legacy
rigs and associated
receivables)
10% + securities
1 Portion of shares allotted to KCL, representing 10% of issued shares of the Combined Entity, will be put into a segregated account for certain
identified contingent liabilities for a period of up to 48 months from the completion of the Proposed Combination
Combined Entity
100% 100%
Less: Out-of-Scope
Assets
Segregated Account
Out-of-Scope Assets
(Includes stakes in
Floatel & Dyna-Mac)
10%1

8. 8
Realisable value and financial impact
Excluding:
+
Realisable value: c.S$9.42b
S$4.05b
Asset Co Combination transaction
+
S$4.87b1 in Combined
Entity Shares
S$0.5b
Cash
8
KCL’s net gearing ratio2, 3
KCL’s NTA/share2, 3
KCL’s EPS2, 3
FY 2021 EPS PF EPS (excl.
disposal gain)
PF EPS (incl.
disposal gain)
72.5 cts
56.2 cts
281.3 cts
2021 net gearing PF net gearing
63%
68%
2021 NTA/share PF NTA/share
S$5.53 S$5.54
1 The sum of S$4.87 billion, which is represented as the value attributable to 56% equity interest in the Combined Entity (“Pro Forma Value”), is computed based on (1) the assumption that 39,949,762,557 shares will be issued by
Combined Entity to Keppel representing 56% of the issued and paid-up share capital of the Combined Entity, (2) the Sembcorp Marine shareholders being issued with, in aggregate, 44% of the issued and paid-up share capital of
the Combined Entity, which for the purpose of the computation, is assumed to be the same number of shares, being 31,389,099,152 as held by Sembcorp Marine shareholders as at 26 April 2022 (the "Last Market Day"), being
the last trading day immediately prior to the date of the Joint Announcement and the Keppel Announcement (as defined in Slide 16 of this presentation); and (3) S$0.122, being the volume weighted average price (“VWAP”) of
Sembcorp Marine shares for the last 10 trading days up to and including the Last Market Day. 2 For the purpose of the pro forma ("PF") financial effects, PF EPS assumes the proposed transactions are completed on 1 January
2021 while PF NTA and net gearing assume the proposed transactions and proposed DIS are completed on 31 December 2021. The PF EPS (including disposal gain) is computed based on PF net profit of approximately S$5.1
billion. 3 For the purpose of the PF financial effects, the net disposal gain arising from the proposed transactions and the value of the proposed DIS are based on the Pro Forma Value. In this regard, the actual net disposal gain
and the value of the DIS on completion of the proposed transactions and proposed DIS will depend on the last traded price of the shares of Combined Entity on the first market day immediately following the date of such
completion and the actual number of Combined Entity Shares to be issued on such completion which may not be the same as that used in this presentation of PF financial effects.
S$0.3b
Including Out-of-Scope Assets
comprising mainly: Floatel & Dyna-Mac
+

9. Seizing opportunities in renewables, clean energy,
decarbonisation & environmental solutions
9
Actively pursuing
opportunities such as
importing renewable
power to Singapore,
developing EV charging
infrastructure, secured
first Energy-as-a-Service
contract, and studying
feasibility of APAC green
ammonia supply chain
among others.
Growing renewables portfolio
Announced
capacity
1.1GW
Target
7GW
by 2030
• Announced acquisition of 51% stake in Cleantech
Renewable Assets and 50% direct interest in its
asset company, Cleantech Solar Asia
• Developing a 500MW greenfield solar farm in
Queensland, Australia with Harlin Solar
Pursuing strong pipeline of deals
spanning solar, wind, new energy,
energy storage systems across
Europe & Asia

10. Residential portfolio held at
historical cost of ~S$3.8b
had a market value of
~S$6.6b as at end-2021
10
Advancing sustainable urban
renewal, e.g. Keppel Bay
Tower, Singapore’s first BCA
Platinum Zero Energy
commercial building
Driving Keppel Land’s transformation into an
asset-light urban space solutions provider
Keppel Land completed monetisation with total proceeds of
~S$2.0b and net gains of over S$450m since Oct 2020.
Commercial portfolio has
GFA of ~1.6 million sm;
~48% of which under
development
Embracing new business
models such as Real Estate
as a Service and leveraging
new technologies and AI to
grow recurring income

11. 11
Expanding connectivity solutions offerings
• COVID-19 further drove demand for digital connectivity solutions.
Leading-edge
connectivity
solutions
5G SA
network/
ICT
Data
centres
Subsea
cables
• Expanded the Group’s portfolio to 28 data centres with 4
projects across China & the Netherlands
• Developing floating data centre design and green data centre
park concept to support Singapore’s digital needs while
reducing carbon emissions
• Strong demand for Bifrost Cable System - world’s largest
capacity high-speed transmission cable across the Pacific
Ocean, with 3 of Keppel’s fibre pairs committed
• M1’s 5G SA network rollout progressing well, achieved over
65% outdoor coverage in Singapore as at end-Mar 2022
• 2nd largest postpaid customer base in Singapore
• Enterprise business revenue grew 37% yoy in FY21
5G

12. 12
Growing asset management business with AUM increasing
14% yoy in 2021
S$149m
S$180m
S$233m
2019 2020 2021
Asset management fees iii
grew ~29% yoy for FY21
• Keppel Capital raised total equity of about S$3.5b in FY21.
• Completed around S$5.5b in acquisitions and divestments in FY21.
Real
estate
47.8%
Data
centres
18.6%
Alternative
assets ii
17.4%
Infrastructure
16.2%
Assets under management (AUM)
by asset class i
i Comprises listed REITs/Trust and private funds.
ii Includes senior living, education and logistics vehicles, as well as private credit fund.
iii Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with
which Keppel has strategic alliance.
AUM as at end-2021
includes new funds
across infrastructure and
alternative asset classes
S$42b
S$42
billion

13. 13
Investments into new technology & startups bearing fruit
• Gaining early access to high value IP and technology, as well as innovation teams in areas
aligned to Vision 2030.
Prop Tech Enterprise &
Deep Tech
China Tech
startups
EV batteries & energy
storage systems
Co-living and
flexible space
solutions
Environmental
technology
Water cooling
technology for data
centres
i The fund’s life had concluded as at 31 Dec 2021.
 Envision AESC: Keppel’s
investment value grew to
US$244m as at FY21, from
US$50m in 2019.
 iGlobe Partners Platinum Fund I i :
S$66.6m in total distribution
received from S$5m investment
since 2010.
Investments have
yielded attractive
gains
Direct investments
Fund investments
Early-mid stage
growth technology

14. 14
Strong progress in other non-financial Vision 2030 targets
• Sustainability will increasingly be a central part of Keppel’s purpose and corporate identity.
Championing
safety
• Scored 84% in 2021 Employee
Engagement Survey, 6% above
Mercer’s Singapore average and
4% above global average
• Strengthened succession planning
• Achieved zero-fatality target in 2021
• Improvements across Total
Recordable Injury, Accident
Frequency and Accident
Severity Rates
Strengthening
governance
• Retained MSCI AAA ESG rating
• Singapore Corporate Governance
Award 2021
• Committed to halve Scope 1 & 2 carbon
emissions by 2030 and achieve net zero
by 2050
• Established Board Sustainability & Safety
Committee with effect from 1 May 2022
to bolster focus on sustainability
Advancing
sustainability goals
Developing
human capital
Contributing to
the community
• S$4.6m in social investment
spending in FY21
• More than 12,000 volunteer
hours in 2021
Driving
innovation
• Digitalisation
• Business model innovation
• Establishment of Keppel Energy
Transition Centre

15. 15
In conclusion
• Guided by Vision 2030, Keppel will emerge stronger, more relevant, and on a faster
growth path.
FY21 net profit,
sharp yoy
improvement
>S$1
billion
>S$3.2
billion
Assets
monetised
since Oct 2020
33.0
cts/share
Strong dividend
growth for FY21 vs
10.0cts/share for FY20
KEY ATTRIBUTES & ENABLERS
Sustainability Technology
Asset light

16. This presentation may contain forward-looking statements which are subject to risks and uncertainties that
could cause actual results to differ materially from such statements. Such risks and uncertainties include
those arising from COVID-19, industry and economic conditions, competition, and legal, governmental and
regulatory changes. The forward-looking statements reflect the current views of Management on future trends
and developments.
This presentation should be read in conjunction with the joint announcement released by Keppel Corporation
Limited and Sembcorp Marine Ltd on 27 April 2022 in relation to the proposed combination of Keppel Offshore
& Marine Ltd and Sembcorp Marine Ltd (the “Joint Announcement” and such combination, the “Proposed
Combination”) and the announcement released by Keppel Corporation Limited on 27 April 2022 in relation to
the Proposed Combination (the “Keppel Announcement”). Copies of the Joint Announcement and the Keppel
Announcement are available on the website of the SGX-ST at http://www.sgx.com.
The presentation is qualified in its entirety by, and should be read in conjunction with, the full text of the Joint
Announcement and the Keppel Announcement. In the event of any inconsistency or conflict between the Joint
Announcement and the Keppel Announcement on one hand and the information contained in this presentation
on the other, the Joint Announcement and the Keppel Announcement shall prevail.
16
Disclaimer